For Immediate Release
U.S. PIRG: $100 Billion a Year Hidden in Off-Shore Tax Havens
WASHINGTON - As Americans rush to
the post offices to pay their taxes tomorrow, Washington-based U.S. Public
Interest Research Group has released a new report showing how major US corporations avoid paying their
fair share by hiding money in tax havens like the Cayman Islands.
Using data from the General Accountability Office
(GAO), congressional studies and Internal Revenue Service reports, Tax
Shell Game - The Taxpayer Cost of Offshore Corporate Tax Havens
illustrates how 83 of the 100 biggest corporations
in America dodge taxes by maintaining foreign subsidiaries in off-shore locations.
"Today should be the last Tax Day
when high-priced accountants and secret post office boxes are valued over hard
work and accountability," said U.S. PIRG's Nicole Tichon, author of the report.
Shell Game lays out the burden
put on taxpayers in each state by the $100 billion lost, and calls on Congress
to pass legislation that will close corporate tax loopholes. The report was
featured on page one of The Huffington Post and by other online, print and
Shell Game is available from
U.S. PIRG (http://www.uspirg.org/home/
and will be released at press conferences, including a national teleconference,
and other events held around the country.
U.S. PIRG, the federation of state Public Interest Research Groups (PIRGs), stands up to powerful special interests on behalf of the American public, working to win concrete results for our health and our well-being. With a strong network of researchers, advocates, organizers and students in state capitols across the country, we take on the special interests on issues, such as product safety,political corruption, prescription drugs and voting rights,where these interests stand in the way of reform and progress.